"If people start believing that there’s fixity in the exchangerate, in a world that’s uncertain and has a lot volatility, then you’re creating an artificial environment and people will start making bad decisions," he said.

Investors tend to make "bad decisions" when there's an "artificial environment," Espenilla said. When people believe interest rates will stay low, they accumulate more debt, he said.

"That's something people should've learned from the Asian financial crisis. That's the lesson that we're imparting to the market. We're making the market a lot more mature in processing information," he said.